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Speaker 1: Today on Fear and Greed, a US court rejects Donald

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Speaker 1: Trump's tariffs, triggering even more uncertainty in global financial markets.

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Speaker 1: Economic growth under pressure as business investment falls, and energy

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Speaker 1: efficient homes are fetching around fifteen percent more than traditional homes. Plus,

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Speaker 1: the Competition Watchdog puts at spotlight on the real estate industry,

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Speaker 1: and Haley Bieber sells her cosmetics brand and is now

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Speaker 1: worth three times more than husband Justin Bieber. Welcome to

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Speaker 1: Fear and Greed, daily business news for people who make

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Speaker 1: their own decisions. It is Friday, the thirtieth of May

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Speaker 1: twenty twenty five. I'm Michael Thompson and good morning. Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: I ever thought i'd see the day where we're talking

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Speaker 1: about Justin Bieber on Fear and Greed.

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Speaker 2: Well, Hailey Bieber for that matter, she's the business person.

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Speaker 1: Here's what an incredible story that one is. It might

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Speaker 1: even got to mention in today's newsletter.

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Speaker 2: It does get a mention today's newsletter.

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Speaker 1: If you haven't signed up, headlong to Fearangreed dot com.

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Speaker 1: The newsletter is free lands in your inbox every weekday

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Speaker 1: by six am. A quick cheat sheet to the main

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Speaker 1: business stories. You need to basically just push you a

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Speaker 1: little bit ahead of your colleagues and your friends, family members,

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Speaker 1: everyone the main story this morning Shawan a US trade

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Speaker 1: court has blocked President Donald Trump's Liberation Day tariffs from

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Speaker 1: going into effect, ruling that the President overstepped his authority

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Speaker 1: by imposing sweeping duties on imports.

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Speaker 2: The Manhattan based Court of International Trade said the US

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Speaker 2: Constitution gives Congress exclusive authority to reglate commerce with other

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Speaker 2: countries that can't be overridden by the president's emergency powers

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Speaker 2: to safeguard the US economy. The court didn't comment on

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Speaker 2: the wisdom or otherwise of the tariffs, just that the

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Speaker 2: federal law doesn't allow Donald Trump to impose these sweeping

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Speaker 2: tariffs in Tempson on Australia forty nine percent in other countries.

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Speaker 2: Things like that. The Trump administration immediately filed an of appeal. Now,

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Speaker 2: Trump has claimed broad authority to set tariffs under the

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Speaker 2: International Emergency Economic Powers Act that's meant to address unusual

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Speaker 2: and extraordinary threats during a national emergency. It doesn't apply

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Speaker 2: in this instance. According to the Court of International Trade.

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Speaker 2: The law has historically been used to impose sanctions on

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Speaker 2: enemies of the US or freeze their assets. Trump is

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Speaker 2: the first US president to try and use it to

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Speaker 2: impose tariffs. But at this point the court saying that

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Speaker 2: ain't going to happen.

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Speaker 1: Okay, So what's been the reaction Because this is a

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Speaker 1: pretty big decision.

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Speaker 2: It is a really big decision. I mean locally, I

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Speaker 2: think financial markets are suffering from tariff fatigue. And so

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Speaker 2: there's this other great acronym running around at the moment,

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Speaker 2: Taco Taco.

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Speaker 1: The Trump always chickens out. There's memes going around like

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Speaker 1: you wouldn't believe.

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Speaker 2: Yeah. So the point of that really is that no

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Speaker 2: one's really sure whether Trump's kicking out or not. Now.

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Speaker 2: When he asked about it, he said, no, it's a

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Speaker 2: negotiating position. I'm not checkening out. But it's the same

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Speaker 2: deal for many people. Certainly overseas markets moved it, probably

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Speaker 2: a big rise in Wall Street futures. Oil surged following

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Speaker 2: the news, while gold was lowered. The Aussie dollar came

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Speaker 2: back a bit as a result. It's down about sixty

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Speaker 2: four point three US sense because the greenback rose locally.

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Speaker 2: In politics, Trade Minister Don Farrell was cautious, saying officials

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Speaker 2: are studying the fallout, and it doesn't necessarily mean an

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Speaker 2: end to the trade war on Australian exports. It's a

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Speaker 2: really big challenge for Donald Trump in the US legal

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Speaker 2: system though so tariff's are the centerpiece of the administration's

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Speaker 2: economic agenda. Thus far, the courts say you can't impose them,

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Speaker 2: you need Congress to impose them. So does this mean

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Speaker 2: Donald Trump goes to Congress and pushes through the legislation

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Speaker 2: that allows for it, or does it take a radical approach,

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Speaker 2: a dangerous approach, and just ignore the court's rulings. It

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Speaker 2: probably ends up in the Supreme Court. And I don't

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Speaker 2: know you remember Bruce Wolpy. He makes this argument that

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Speaker 2: Trump will destroy democracy. Now, Trump or anyone destroys democracy

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Speaker 2: when the President doesn't listen to the Supreme Court. And

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Speaker 2: this could be a test of that.

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Speaker 1: And Bruce, it sounded quite extreme when he was saying it,

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Speaker 1: But I mean, there are these potential triggers for this

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Speaker 1: to be tested, right, and this could end up being

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Speaker 1: one of those. Anyway, big, big, big story. How did

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Speaker 1: local markets perform yesterday?

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Speaker 2: Well, the AX swung between losses and gains all day

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Speaker 2: before the S and PA SX two hundred closed up

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Speaker 2: a touch at eighty four hundred and ten points. Energy

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Speaker 2: and tech stocks did best. Real estate investment trust lagged

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Speaker 2: among the large caps. From a query group, Wiseteak Global

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Speaker 2: No pretty good, Goodman Promedicus, I'd say good. Woodside Energy

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Speaker 2: added another three percent following Wednesday's decision to allow it

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Speaker 2: to extend its Northwest Shelf gas project by forty five years.

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Speaker 2: That was probably the best of the large caps.

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Speaker 1: And there's been a shift from god old exchange traded

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Speaker 1: funds to bitcoin ETFs.

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Speaker 2: Over the past five weeks, US bitcoin ETFs have attracted

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Speaker 2: more than nine billion US dollars in inflows, while gold

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Speaker 2: backed funds have suffered outflows of about three billion US dollars.

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Speaker 2: According to Bloomberg News, bitcoin believe it or not is

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Speaker 2: increasingly being considered a store of value. Not everyone agrees

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Speaker 2: with that. It ain't gold yet, but it just has

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Speaker 2: a sense of that. It touched a high of just

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Speaker 2: under one hundred and twelve thousand dollars a unit earlier

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Speaker 2: this month. The gold's up twenty five percent this year,

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Speaker 2: but it's now well off a record high. And there's

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Speaker 2: just this shift from gold to bitcoin going on.

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Speaker 1: Did you ever think that you would see that happen? Right,

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Speaker 1: you know, when you've seen gold, and you've seen the

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Speaker 1: US dollar and now all of a sudden in the

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Speaker 1: last just even in the last few years, right, did

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Speaker 1: you ever think that you would see this this other

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Speaker 1: currency asset time? Yeah?

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Speaker 2: Me know. And let's not overstated because bitcoin, gold, bitcoin

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Speaker 2: eight US dollar.

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Speaker 1: Stop telling me to stop overstating things. I'm here for

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Speaker 1: the sensationalism.

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Speaker 2: But notwithstanding that, it is quite remarkable the bitcoin's trading

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Speaker 2: where it is.

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Speaker 1: Well, you made that a lot more dull than I.

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Speaker 2: Wanted it to be, Sean, Sorry, Michael.

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Speaker 1: That's all right. Anyway, we'll take a quick break. We'll

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's business news. Sewan business investment, a key component of

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Speaker 1: economic growth, has again disappointed, with new spending down in

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Speaker 1: the March quarter, adding to the argument for more interest

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Speaker 1: rate cuts.

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Speaker 2: So maybe it didn't disappoint. We care about business investment

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Speaker 2: because it helps drive growth and productivity, but it's been

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Speaker 2: a laggard for years. During the mining boom, in twenty twelve,

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Speaker 2: business investment was about twenty percent of economic output. Today

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Speaker 2: it's about eleven percent. If you think about it, the economy. Oh,

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Speaker 2: I'm going into a little lesson hereomy.

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Speaker 1: You could tell just this little gleam.

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Speaker 2: One of the first things you ever learn in economics

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Speaker 2: at university. C plus I plus G equals why why

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Speaker 2: being economic output, C being consumption, eye investment G government spending.

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Speaker 2: We've had consumptions pretty stable. Government spending has been big

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Speaker 2: business investment. The real laggard not so good. Broadly, companies

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Speaker 2: spend money on tech. I think AI data centers are

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Speaker 2: utilities that type of stuff, but they're not really investing

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Speaker 2: in many other things that will weigh on economic growth.

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Speaker 2: Now we have GDP figures out next week for the

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Speaker 2: March quarter comes into one point five one point six,

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Speaker 2: one point seven percent. That's growth. It's too slow. Reserve

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Speaker 2: bank where maybe we should come interest rates again to

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Speaker 2: help boost growth. But overall, you actually want higher business

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Speaker 2: investment because if you get higher business investment, higher economic growth,

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Speaker 2: and stronger productivity.

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Speaker 1: It's good overall for the economy.

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Speaker 2: Good for the economy. That's right.

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Speaker 1: You go. Professor Aylmer classes in session sean green homes

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Speaker 1: fetching up to fifteen percent more than non energy efficient

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Speaker 1: units and houses with one town reporting price difference. This

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Speaker 1: is quite staggering of up to seventy five percent.

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Speaker 2: Yes, think about which town. That might be very good

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Speaker 2: reasons for it, actually, but energy efficient houses now sell

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Speaker 2: for one hundred and eighteen thousand dollars the median house

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Speaker 2: one hundred and eighteen thousand dollars more than other homes.

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Speaker 2: According to Domains Sustainability and Property twenty twenty five report,

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Speaker 2: features such as north facing orientation, double glazing, solar are

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Speaker 2: all commanding higher resale prices. More than fifty percent of

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Speaker 2: houses sold this year include at least one energy efficient feature. Interestingly,

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Speaker 2: it's middle income households that are driving demand across regional

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Speaker 2: and outer metro areas. So the whole thing about the

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Speaker 2: inner city driving this is not true. It's actually middle

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Speaker 2: income houses. The town where the energy efficiency gain is

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Speaker 2: highest seventy five percent.

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Speaker 3: Is starts with a bre You ready, Breaken Hill, because

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Speaker 3: I was going to guess that it was going to

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Speaker 3: be somewhere where like Barron Bay or somewhere like that.

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Speaker 1: Where it was it was almost a statement thing. This

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Speaker 1: is actually a place of necessity.

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Speaker 2: Yes, because incredibly hard lack of infrastructure and so if

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Speaker 2: you can create a home that you can kind of

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Speaker 2: create energy from, it actually takes you not necessarily off

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Speaker 2: the grid, but it makes yourself sufficient. Yeah, it makes

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Speaker 2: a lot of sense, makes perfect sense.

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Speaker 3: Now.

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Speaker 1: You mentioned Woodside earlier, just in passing and Prime Minister

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Speaker 1: Anthony Abernezi has been forced to defend Labour's decision to

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Speaker 1: grant Woodside a forty five year extension on its Norse

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Speaker 1: north West Shelf gas development.

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Speaker 2: The PM stood by the call, arguing that very strict

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Speaker 2: conditions had been imposed on the project before, suggesting decision

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Speaker 2: had to be viewed within Labour's broader efforts to reduce emissions.

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Speaker 2: While welcomed by the Resources secety, you can imagine that

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Speaker 2: environmentalists are very upset about it, so to some indigenous

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Speaker 2: stakeholders who are arguing the project will destroy the preservation

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Speaker 2: of Aboriginal culture. The decision has been made, so it's

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Speaker 2: going ahead. But a courageous call from the Prime Minister,

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Speaker 2: particularly since he needs the Greens vote in the Senate.

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Speaker 1: Yeah, that's a good point. Quick update on the election,

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Speaker 1: we're still updating it. God, how long's it been now

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Speaker 1: three and a half weeks. A recount is underway, for

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Speaker 1: the seat of Bradfield in Sydney's North. It is currently

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Speaker 1: separated by just two votes to votes.

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Speaker 2: Can you Believe in so? Liberals Giselle Capterian has fifty

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Speaker 2: and fifty four votes. Independent Nicolat Bowl has fifty and

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Speaker 2: fifty two votes.

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Speaker 1: Wow.

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Speaker 2: When it's a fourth day of recount after the initial

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Speaker 2: tally ended with Capterian eight votes ahead of Bowl, it's

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Speaker 2: expected to take a couple of weeks. The AEC yesterday

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Speaker 2: about lunchtime, updated the count two votes.

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Speaker 1: It's a great example of why it matters to vote

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Speaker 1: like that your vote actually does count.

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Speaker 2: I've been telling my kids this and they say it

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Speaker 2: won't count given that I actually live in the seed

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Speaker 2: of Bradfield. I'm now going to say.

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Speaker 1: Se I love that your house actually has enough people.

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Speaker 2: To swing the election one way or the other. That

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Speaker 2: has been nine votes there is That's amazing, isn't it?

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Speaker 1: Suddenly your house gets lobbied more than any other house.

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Speaker 1: The competition watch dog SEAN is in the early stages

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Speaker 1: of an investigation into Area Group, the thirty three billion

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Speaker 1: dollar owner of real estate dot com dot au, saying

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Speaker 1: it is concerned about competition in the real estate industry.

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Speaker 2: The Australian Competition and Consumer Commission doesn't normally comment on

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Speaker 2: ongoing investigations because they're confidential, but it did make it

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Speaker 2: an exception after the Finn Review revealed the watchdogs are

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Speaker 2: probe The Finn says the Agent will See is investigating Ria,

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Speaker 2: which is majority owned by Rupert Murdock's News Corp, for

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Speaker 2: allegations of price gouging. Now Ria will increase subscription prices

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Speaker 2: for real estate agents by as much as seventy eight

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Speaker 2: percent from one July.

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Speaker 1: Turning to International News, now, Elon Musk is formally stepping

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Speaker 1: down from his role in the Trump administration after just

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Speaker 1: five months, ending what she could probably describe as a

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Speaker 1: reasonably tumultuous period during which he oversaw cost cutting by DOGE,

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Speaker 1: the Department of Government Efficiency.

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Speaker 2: He started scaling back his work at DOGE last month.

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Speaker 2: I quote him, as my scheduled time as a special

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Speaker 2: government employee comes to an end. I'd like to thank

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Speaker 2: President Donald Trump for the opportunity to reduce wasteful spending.

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Speaker 2: End quote. Now, he originally intended to leave next summer,

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Speaker 2: according to a White House official. Well, that's not according

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Speaker 2: to White House official. That's according to media reports. But

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Speaker 2: then a White House official has said that he's off

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Speaker 2: boarding had begun. Could you imagine off boarding Elon Masks

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Speaker 2: in that meeting?

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Speaker 1: Would he do an exit interview? That would be fantastic,

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Speaker 1: wouldn't it.

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Speaker 2: He originally pledged to cut two trillion US dollars from

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Speaker 2: the annual federal budget. That's about a third of government spending.

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Speaker 2: As of May, he claim in about one hundred and

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Speaker 2: seventy five billion in savings. That's what eight percent of

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Speaker 2: what he said he'd get, and many of those ones,

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Speaker 2: those line items actually can't be verified either. The TESL

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Speaker 2: chief executive has in recent weeks blamed lawmakers for doje's

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Speaker 2: slow progress. He's criticized the House Republican tax bill that

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Speaker 2: passed last week that is actually Trump's top priority in Congress.

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Speaker 2: So I can't see that Donald Trump's happy about that.

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Speaker 2: Nonpartisan estimates have found that that bill, which still needs

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Speaker 2: to go through the Senate, would add more than three

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Speaker 2: point three trillion dollars over the next decade to the

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Speaker 2: US deficite.

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Speaker 1: All right, last one a fabulous success story.

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Speaker 2: This one.

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Speaker 1: Hailey Bieber, model and wife of Justin Bieber, has sold

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Speaker 1: her makeup and skincare brand Road rhode to Elf Beauty

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Speaker 1: for about one billion US dollars.

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Speaker 2: Yeah, so, Elf is a budget cosmetic retailer looking for

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Speaker 2: a way into a celebrity endorsed product that's hugely popular

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Speaker 2: with gen Z and millennials. Road, which only launched three

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Speaker 2: years ago, became very popular with TikTok viral products such

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Speaker 2: as its Ada and Dollar peptide lip treatments cells exclusively

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Speaker 2: through its own website or pop up stores. It pretty

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Speaker 2: much relies tobly on Hailey Bieber's social media influence. According

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Speaker 2: to Reuter's, company made two hundred and twelve million in

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Speaker 2: sales for the year ended March thirty one's planning to

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Speaker 2: start selling it forest stores in the US and Canada

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Speaker 2: later in the year than the UK. This is a

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Speaker 2: beauty brand three years old, an incredibly successful influence, and boss,

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Speaker 2: I get that valued at a billion US dollars. I thought,

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Speaker 2: I wonder how much Justin Bieber is worth. He's worth

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Speaker 2: around three hundred million US dollars. So therefore Hailey has

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Speaker 2: just sold and become three times wealthier than Justin.

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Speaker 1: That is fantast It's great story. Yeah, you know what else?

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Speaker 1: Is priceless.

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Speaker 2: What's that, Michael?

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Speaker 1: Tickets to our event.

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Speaker 2: Next week that they are priceless, Free.

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Speaker 1: Are free Indeed next Thursday night, it is the first

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Speaker 1: ever live recording of the Fear and Greed Weekend edition.

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Speaker 1: It is happening in Sydney. It coincides with the launch

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Speaker 1: of my new novel called All the Perfect Days. I

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Speaker 1: put a link in today's show notes if you'd like

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Speaker 1: to come along, We would love to see you there, Sean.

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Speaker 1: Up next is the Fear and Greed Daily Interview. Mark

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Speaker 1: Dawes from Reward Pays your guest today.

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Speaker 2: It's a great chat about how reward Pay is working

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Speaker 2: with SMEs and also card agents to create a better

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Speaker 2: cash flow play, a better way of earning loyalty points

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Speaker 2: for businesses buying products. It's just it's kind of an

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Speaker 2: interesting look at the business model of the organization.

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Speaker 1: It's up next to the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com. Today you

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Speaker 1: thank you, Sean.

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Speaker 2: Thank you Michael.

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Speaker 1: It is Friday, the thirtieth of May twenty five. Make

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Speaker 1: sure you following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook are Michael Thompson

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Speaker 1: and Alosphere and greed have a great day.